If you're talking about with the slide locked open, yes. That type of locking system wedges the barrel in the slide tightly when closed, but allows plenty of clearance when the barrel unlocks.
Take the slide and barrel off and play with them to see how they fit together. The muzzle end of the slide has a bigger diameter hole drilled at a downward angle for the barrel to fit through, but when the barrel is fully up into the slide it is trapped by the angle of that oversized hole.
Altogether a pretty neat system that John Browning came up with.
